A Business at a Glance
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STAG Industrial, Inc.
STAG
$7.7B
Mkt Cap
$41.11
+1.51%
STAG Industrial, Inc. (STAG) has a current P/E ratio of 28.2, compared to its historical median P/E of 32.6. The stock is currently considered Fair based on its historical valuation range.
STAG Industrial, Inc. (STAG) has a 5-year average return on invested capital (ROIC) of 4.8%. This is below average and may indicate limited pricing power.
STAG Industrial, Inc. (STAG) has a market capitalization of $7.9B. It is classified as a mid-cap stock.
Yes, STAG Industrial, Inc. (STAG) pays a dividend with a trailing twelve-month yield of 3.02%.
Based on historical P/E analysis, STAG Industrial, Inc. (STAG) appears fair. The current P/E of 28.2 is 14% below its historical median of 32.6. The estimated fair value CAGR (P/E method) is 8.7%.
STAG Industrial, Inc. (STAG) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
STAG Industrial, Inc. (STAG) reported annual revenue of $845 million in its most recent fiscal year, based on SEC EDGAR filings.
STAG Industrial is a REIT focused on the acquisition, ownership, development, and operation of industrial properties throughout the United States, with a platform designed to identify properties offering attractive returns across CBRE-EA Tier 1 industrial real estate markets. As of December 31, 2025, the company owned 601 buildings in 41 states comprising approximately 120.0 million rentable square feet, with seven development projects in progress, and maintained an occupancy rate of approximately 96.4% with no single tenant exceeding 2.8% of total annualized base rental revenue and no single industry exceeding 11.4%. The company's business model centers on long-term net lease arrangements with diversified industrial tenants, generating recurring rental income through both new leases and renewals, with the Operating Portfolio achieving approximately 97.2% occupancy and demonstrating positive rent growth through cash and straight-line rent changes on new and renewal leases. STAG's competitive positioning is supported by its geographically diversified portfolio across 41 states, tenant diversification across multiple industries, and active capital deployment through acquisitions and dispositions, while maintaining REIT qualification and distributing substantially all taxable income to stockholders. The company pursues growth through property management, acquisition of stabilized and value-add assets, and development projects with targeted stabilized yields, capitalizing its business appropriately given asset characteristics and market conditions.
【Market recovery accelerating】 Management expects national vacancy rates to peak in the first half of 2026 with an inflection point in the back half of the year, positioning the company for improved market rent growth as supply constraints persist and absorption accelerates. The company maintains confidence in its leasing platform, having addressed 69% of the 2026 operating portfolio square footage expected to lease as of year-end 2025 and achieving cash leasing spreads consistent with guidance, while anticipating further demand from data center-related tenants. Capital markets remain stable with industrial product remaining one of the most liquid asset classes, supporting the company's acquisition strategy weighted toward the back half of 2026 at targeted capitalization rates. Management expects lease gestation periods to normalize as vacancy rates decline, enabling faster tenant decision-making and improved backfill velocity, with occupancy expected to reach a trough in the second quarter of 2026 before improving during the second half of the year. The company has raised its dividend 4% and modified payment cadence from monthly to quarterly, reflecting confidence in cash flow generation and years of payout ratio reduction.
| Metric | Target | Period |
|---|---|---|
| Same-Store Cash NOI Growth | 2.75%-3.25% | FY2026 |
| Retention Rate | 70%-80% | FY2026 |
| Cash Leasing Spreads | 18%-20% | FY2026 |
| Average Same-Store Occupancy | 96%-97% | FY2026 |
| Acquisition Volume | $350 million-$650 million | FY2026 |
| Acquisition Capitalization Rate | 6.25%-6.75% | FY2026 |
| Disposition Volume | $100 million-$200 million | FY2026 |
| Development Stabilized Yield | 7.1% | FY2026 |
| Market Rent Growth | 0%-2% | FY2026 |
Same-Store Cash NOI Growth (FY2026): “Same-store cash NOI growth is expected to range between 2.75% and 3.25%.”
Retention Rate (FY2026): “Retention to range between 70% and 80%.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 864M | 845M | 767M | 708M | 657M | 562M |
| Net Income | 244M | 273M | 189M | 193M | 178M | 188M |
| EPS | $1.29 | $1.46 | $1.04 | $1.07 | $1.00 | $1.15 |
| Free Cash Flow | 265M | 259M | 310M | 283M | 276M | 297M |
| ROIC | 3.6% | 5.8% | 4.6% | 4.6% | 4.3% | 4.9% |
| Gross Margin | - | 44.0% | 41.6% | 40.9% | 39.0% | 38.3% |
| Debt/Equity | 0.95 | 0.98 | 0.99 | 0.90 | 0.79 | 0.76 |
| Dividends/Share | $1.24 | $1.49 | $1.48 | $1.47 | $1.50 | $1.45 |
| Operating Income | 2.3M | 406M | 302M | 287M | 256M | 252M |
| Operating Margin | 0.3% | 48.0% | 39.4% | 40.6% | 39.0% | 44.8% |
| ROE | 6.8% | 7.8% | 5.5% | 5.7% | 5.3% | 6.2% |
| Shares Outstanding | 191M | 187M | 182M | 180M | 178M | 164M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 174M | 219M | 250M | 301M | 351M | 406M | 483M | 562M | 657M | 708M | 767M | 845M | 864M |
| Gross Margin | 30.3% | 30.0% | 30.3% | 30.7% | 32.6% | 35.8% | 37.1% | 38.3% | 39.0% | 40.9% | 41.6% | 44.0% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 26M | 29M | 33M | 33M | 34M | 36M | 40M | 49M | 47M | 47M | 49M | 52M | 52M |
| EBIT | 10M | -2.5M | 63M | 64M | 131M | 98M | 259M | 252M | 256M | 287M | 302M | 406M | 2.3M |
| Op. Margin | 5.9% | -1.2% | 25.2% | 21.1% | 37.4% | 24.3% | 53.6% | 44.8% | 39.0% | 40.6% | 39.4% | 48.0% | 0.3% |
| Net Income | -15M | -39M | 20M | 21M | 82M | 44M | 197M | 188M | 178M | 193M | 189M | 273M | 244M |
| Net Margin | -8.6% | -17.7% | 8.1% | 7.0% | 23.5% | 10.8% | 40.7% | 33.5% | 27.1% | 27.2% | 24.6% | 32.3% | 28.2% |
| Non-Recurring | 5.6M | 5.0M | 62M | 24M | 72M | 7.4M | 136M | 98M | 57M | 54M | 32M | 94M | 94M |
| Returns on Capital | |||||||||||||
| ROIC | 0.7% | -0.1% | 3.2% | 2.6% | 4.5% | 2.8% | 6.0% | 4.9% | 4.3% | 4.6% | 4.6% | 5.8% | 3.6% |
| ROE | -2.0% | -4.6% | 2.2% | 1.8% | 5.5% | 2.2% | 7.8% | 6.2% | 5.3% | 5.7% | 5.5% | 7.8% | 6.8% |
| ROA | -1.0% | -2.2% | 1.0% | 0.9% | 2.8% | 1.2% | 4.4% | 3.6% | 3.0% | 3.1% | 2.9% | 3.9% | 3.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 97M | 122M | 136M | 162M | 198M | 233M | 294M | 336M | 388M | 391M | 460M | 463M | 477M |
| Free Cash Flow | 85M | 105M | 105M | 116M | 163M | 168M | 238M | 297M | 276M | 283M | 310M | 259M | 265M |
| Owner Earnings | 1.7M | 3.7M | 615K | 1.7M | 21M | 38M | 68M | 83M | 101M | 101M | 155M | 149M | 158M |
| CapEx | 12M | 16M | 30M | 46M | 35M | 65M | 56M | 40M | 112M | 108M | 150M | 205M | 212M |
| Maint. CapEx | 88M | 110M | 125M | 151M | 168M | 185M | 215M | 239M | 275M | 278M | 293M | 302M | 306M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 88M | 110M | 125M | 151M | 168M | 185M | 215M | 239M | 275M | 278M | 293M | 302M | 306M |
| CapEx/OCF | 1.8% | 0.1% | 1.1% | 4.4% | 0.1% | 3.5% | 1.3% | 0.4% | 2.0% | 0.7% | 4.2% | 0.1% | 44.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 85M | 106M | 117M | 141M | 159M | 190M | 224M | 246M | 267M | 268M | 275M | 284M | 237M |
| Dividend Yield | 12.2% | 13.1% | 12.1% | 8.5% | 8.2% | 6.8% | 6.4% | 4.7% | 5.0% | 4.7% | 4.3% | 4.3% | 3.0% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 7.3M | 7.6M | 9.7M | 9.5M | 8.9M | 9.9M | 12M | 15M | 12M | 11M | 12M | 13M | 13M |
| Debt Repayment | 0 | 0 | 3.3M | 15K | 0 | 0 | 425K | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 793M | 1.0B | 1.1B | 1.4B | 1.4B | 1.8B | 1.8B | 2.5B | 2.6B | 3.0B | 3.4B | 3.5B | 3.4B |
| Cash & Equiv. | 24M | 12M | 12M | 25M | 8.0M | 9.0M | 16M | 19M | 26M | 21M | 36M | 15M | 8.9M |
| Long-Term Debt | 686M | 980M | 1.0B | 1.2B | 1.3B | 1.6B | 1.7B | 2.2B | 2.5B | 2.6B | 3.0B | 3.3B | 3.2B |
| Debt/Equity | 0.95 | 1.26 | 1.04 | 1.06 | 0.88 | 0.78 | 0.67 | 0.76 | 0.79 | 0.90 | 0.99 | 0.98 | 0.95 |
| Interest Coverage | 0.4 | -0.1 | 1.5 | 1.5 | 2.7 | 1.8 | 4.2 | 4.0 | 3.3 | 3.0 | 2.7 | 3.1 | 0.0 |
| Equity | 864M | 822M | 1.0B | 1.4B | 1.6B | 2.3B | 2.7B | 3.3B | 3.4B | 3.4B | 3.5B | 3.6B | 3.6B |
| Total Assets | 1.6B | 1.9B | 2.2B | 2.7B | 3.1B | 4.2B | 4.7B | 5.8B | 6.2B | 6.3B | 6.8B | 7.2B | 7.2B |
| Total Liabilities | 738M | 1.0B | 1.1B | 1.3B | 1.4B | 1.8B | 1.9B | 2.4B | 2.7B | 2.8B | 3.3B | 3.5B | 3.5B |
| Intangibles | 248M | 276M | 295M | 313M | 342M | 475M | 500M | 568M | 509M | 436M | 429M | 395M | 383M |
| Retained Earnings | -203M | -332M | -411M | -517M | -585M | -723M | -742M | -792M | -876M | -949M | -1.0B | -1.0B | -1.0B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 128M |
| Per Share Data | |||||||||||||
| EPS | -0.28 | -0.61 | 0.29 | 0.23 | 0.79 | 0.35 | 1.32 | 1.15 | 1.00 | 1.07 | 1.04 | 1.46 | 1.29 |
| Owner EPS | 0.03 | 0.06 | 0.01 | 0.02 | 0.20 | 0.30 | 0.45 | 0.50 | 0.57 | 0.56 | 0.86 | 0.80 | 0.83 |
| Book Value | 16.25 | 12.99 | 14.72 | 14.79 | 15.47 | 18.42 | 18.23 | 20.34 | 19.01 | 18.75 | 19.02 | 19.21 | 18.75 |
| Cash Flow/Share | 1.82 | 1.92 | 1.95 | 1.76 | 1.90 | 1.86 | 1.97 | 2.05 | 2.18 | 2.17 | 2.53 | 2.48 | 2.88 |
| Dividends/Share | 1.59 | 1.67 | 1.68 | 1.53 | 1.42 | 1.43 | 1.44 | 1.45 | 1.50 | 1.47 | 1.48 | 1.49 | 1.24 |
| Shares Out. | 53.2M | 63.3M | 69.8M | 91.9M | 104.3M | 125.2M | 149.0M | 163.6M | 178.1M | 180.0M | 181.8M | 187.2M | 191.2M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | 53.2 | 83.7 | 23.1 | 69.1 | 19.1 | 34.7 | 28.4 | 34.1 | 31.1 | 25.4 | 31.9 |
| P/FCF | 9.1 | 7.0 | 10.2 | 15.2 | 11.6 | 18.0 | 15.8 | 22.0 | 18.3 | 23.2 | 19.0 | 26.8 | 29.6 |
| EV/EBIT | N/A | N/A | 94.4 | 37.6 | 19.5 | 37.9 | 17.0 | 30.5 | 25.3 | 28.3 | 25.9 | 22.6 | N/A |
| Price/Book | 0.9 | 0.9 | 1.0 | 1.3 | 1.2 | 1.3 | 1.4 | 2.0 | 1.5 | 1.9 | 1.7 | 1.9 | 2.2 |
| Price/Sales | 4.1 | 3.9 | 3.9 | 5.5 | 5.6 | 6.9 | 7.2 | 9.2 | 8.2 | 8.0 | 8.3 | 7.8 | 9.1 |
| FCF Yield | 10.8% | 13.7% | 9.8% | 6.6% | 8.6% | 5.6% | 6.3% | 4.5% | 5.5% | 4.3% | 5.3% | 3.7% | 3.4% |
| Market Cap | 787M | 772M | 1.1B | 1.8B | 1.9B | 3.0B | 3.8B | 6.5B | 5.1B | 6.6B | 5.9B | 6.9B | 7.9B |
| Avg. Price | 13.10 | 12.74 | 13.90 | 18.15 | 18.68 | 22.22 | 23.48 | 31.63 | 30.20 | 31.63 | 35.07 | 35.00 | 41.11 |
| Year-End Price | 14.48 | 11.59 | 15.42 | 19.25 | 18.23 | 24.20 | 25.26 | 39.89 | 28.39 | 36.49 | 32.37 | 37.12 | 41.11 |
STAG Industrial, Inc. passes 2 of 9 quality checks, indicating weak fundamentals.
STAG Industrial, Inc. trades at 28.2x trailing earnings, compared to its 15-year median P/E of 32.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 17.0x vs a median of 18.1x. The company's 5-year average ROIC is 4.8% with a gross margin of 40.8%. Total shareholder yield (dividends) is 3.0%. At current prices, the estimated annualized return to fair value is +4.2%.
STAG Industrial, Inc. (STAG) has a net profit margin of 32.3%. This is a strong margin indicating high profitability.
STAG Industrial, Inc. (STAG) generated $259 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
STAG Industrial, Inc. (STAG) has a debt-to-equity ratio of 0.98. This indicates moderate leverage.
STAG Industrial, Inc. (STAG) reported earnings per share (EPS) of $1.46 in its most recent fiscal year.
STAG Industrial, Inc. (STAG) has a return on equity (ROE) of 7.8%. This indicates moderate shareholder returns.
STAG Industrial, Inc. (STAG) has a 5-year average gross margin of 40.8%. This indicates decent pricing power.
The Ledger Terminal provides 15 years of financial data for STAG Industrial, Inc. (STAG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
STAG Industrial, Inc. (STAG) has a book value per share of $19.21, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects national vacancy rates to peak in the first half of 2026 with an inflection point in the back half of the year, positioning the company for improved market rent growth as supply constraints persist and absorption accelerates. The company maintains confidence in its leasing platform, having addressed 69% of the 2026 operating portfolio square footage expected to lease as of year-end 2025 and achieving cash leasing spreads consistent with guidance, while anticipating further demand from data center-related tenants. Capital markets remain stable with industrial product remaining one of the most liquid asset classes, supporting the company's acquisition strategy weighted toward the back half of 2026 at targeted capitalization rates. Management expects lease gestation periods to normalize as vacancy rates decline, enabling faster tenant decision-making and improved backfill velocity, with occupancy expected to reach a trough in the second quarter of 2026 before improving during the second half of the year. The company has raised its dividend 4% and modified payment cadence from monthly to quarterly, reflecting confidence in cash flow generation and years of payout ratio reduction.
Based on recent SEC filings and earnings calls, STAG Industrial, Inc. (STAG) has provided the following forward guidance: Same-Store Cash NOI Growth: 2.75%-3.25% (FY2026); Retention Rate: 70%-80% (FY2026); Cash Leasing Spreads: 18%-20% (FY2026); Average Same-Store Occupancy: 96%-97% (FY2026); Acquisition Volume: $350 million-$650 million (FY2026), plus 4 additional metrics.
Cash Leasing Spreads (FY2026): “Cash leasing spreads of 18%-20%.”
Average Same-Store Occupancy (FY2026): “Average same-store occupancy for 2026 is expected to be between 96% and 97%.”
Acquisition Volume (FY2026): “Acquisition volume guidance is a range of $350 million-$650 million, with a cash capitalization rate between 6.25% and 6.75%.”
Acquisition Capitalization Rate (FY2026): “Acquisition volume guidance is a range of $350 million-$650 million, with a cash capitalization rate between 6.25% and 6.75%.”
Disposition Volume (FY2026): “Disposition volume guidance is between $100 million and $200 million.”
Development Stabilized Yield (FY2026): “These buildings are in various stages of development and have an expected stabilized yield of 7.1%.”